EastWest Bank partners with AutoDeal for auto financing

EAST WEST Banking Corp. (EastWest Bank) has partnered with automotive marketplace AutoDeal to help speed up the auto financing process for its customers.

Under the collaboration, EastWest Bank will be directly embedding their auto financing tools into the AutoDeal platform to allow consumers to explore payment solutions while looking at vehicle options.

“By bringing together AutoDeal’s digital reach and user-friendly interface with EastWest’s expertise in flexible auto financing, we can deliver a seamless experience; from initial interest to loan release. Customers will be able to browse, compare, and apply in one space. The process becomes smoother, turnaround is faster, and customers gain more control over their journey,” EastWest Bank Chief Executive Officer (CEO) Jerry G. Ngo said in a statement.

The partnership is part of the bank’s push to remain competitive as loan applications via digital platforms have continued to grow, which has led to shorter processing periods for other players in the market.

EastWest Bank said this would make purchases easier for customers.

“At the heart of this initiative is a simple goal: to make car ownership more accessible for more Filipinos. Whether it’s a first-time purchase or an upgrade, we aim to make the experience easier, quicker, and more transparent,” Mr. Ngo said.

EastWest Bank’s attributable net income rose by 28.51% year on year to P2.297 billion in the second quarter, driven by its consumer segment.

This brought its first-semester net income to P4.13 billion, up by 18.51% from the same period last year. — A.M.C. Sy